Looking to purchase my second rental property in MD/DC/VA area

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Looking to purchase my second rental property in MD/DC/VA area

Account Closed
Olney, MD · Member since 2015 · 11 posts · 1 vote

I purchased my first rental property back in 2012 in Maryland. Now, I am ready to purchase my second rental property and I was thinking to buy a single family house in College Park Maryland and rent it out to college students. I've had a very good experience with my current tenant for the past 3 years but I am a little worry about college students and I am not sure if that's a good idea. I'm looking to network with some folks actively investing in MD/DC/VA area.

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Christina R.
Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
11y

www.meetup.com/bwimeetup

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  • Christina R.
    Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
    11y

    www.meetup.com/bwimeetup

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  • Account Closed
    OP
    Olney, MD · Member since 2015 · 11 posts · 1 vote
    11y

    Thank you for the link Christina. 

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  • Ryan Washington
    Investor · Baltimore, MD · Member since 2014 · 17 posts · 1 vote
    11y

    Hello Soheil,

    Are you are you still looking for a rental? If so, let me know what you are looking for, I may can help you find it.

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  • Teresa F.
    Residential Real Estate Broker · Clinton, MD · Member since 2008 · 297 posts · 178 votes
    11y

    Hi Soheil, I have rented to grad students and law students very successfully.  One of my current tenants was in a PhD program when she rented my house.  She completed the program and has been working as a consultant and professor.  I am a Real estate Broker so I have been encouraging her to buy but she really likes the house and neighborhood so she plans on staying.  She has been there 7 years.  

    While I would rent to grad students, I don't think I would want the headache and additional maintenance that would go with undergrads.  

    Another meet up I enjoy http://www.meetup.com/Deals-Meetup/.  Known as Deals or Know Deals.  No guru selling stuff just investors talking and shopping deals.  

    Best , Teresa

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    11y

    Hello @Account Closed mentions the headache that can come with renting to undergrads...keep in mind you absolutely can not deny them based on that fact. Age is a protected class in Maryland and DC.  Though I have not heard of anyone getting in trouble in Maryland for this....I have heard it happen OFTEN in the District.

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  • Brett McCurdy
    Real Estate Broker · Kensington, MD · Member since 2014 · 84 posts · 16 votes
    10y

    @Account Closed   Russell and Teresa mentioned that age is a protected class in MD which is exactly true and you shouldn't post anything saying "no college students" "only people over ___" etc.   BUT you can adjust your preference to amount of income (or debt-to-income ratio) when you are screening.  Source of income is also protected class so be careful but my guess is a lot of students aren't going to be loaded at that point in life so you may set the bar high when screening for income levels and attract only top-earners to your rental.  If your rental is smack dab in the middle of UMD campus than you might be limiting your applicants to much and need to stick with the college students (maybe consider a cosigner though for financially weak applicants).  

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